TNMM functional comparability requires excluding rice manufacturers from a pure Basmati rice trader's benchmark and recognising operating export recei...
Working-capital adjustment subsumes delayed-receivable effects in TNMM benchmarking of captive software-development services, avoiding separate notion...
Transfer-pricing comparability requires exclusion of financially illogical super-profit comparables and correction of unsupported annual-report and ma...
Charitable character assessment preserves Section 80G approval despite inclusive spiritual teachings and incidental religious expenditure within the s...
Penalty proceedings for cash-loan acceptance require assessment proceedings and recorded Assessing Officer satisfaction; absent these, the proceedings...
Functional comparability governs software-service benchmarking: dissimilar companies are excluded, while related-party filters, margins and working-ca...
The ITAT rejected the Revenue's appeal and held that the penalty u/s 271G was not exigible. The ITAT relied on the Bombay High Court's decision in Undercarriage and Tractor Parts (P.) Ltd. Vs. Dispute Resolution Panel, wherein the High Court had quashed the assessment order passed u/s 143(3) read with section 144C(13). The ITAT observed that the CIT(A) had failed to consider this High Court decision while allowing the assessee's penalty appeal. Since the Revenue did not bring any contrary decision of a Higher Forum, the ITAT held that the impugned penalty was not leviable and dismissed the Revenue's appeal.
The ITAT rejected the Revenue's appeal and held that the penalty u/s 271G was not exigible. The ITAT relied on the Bombay High Court's decision in Undercarriage and Tractor Parts (P.) Ltd. Vs. Dispute Resolution Panel, wherein the High Court had quashed the assessment order passed u/s 143(3) read with section 144C(13). The ITAT observed that the CIT(A) had failed to consider this High Court decision while allowing the assessee's penalty appeal. Since the Revenue did not bring any contrary decision of a Higher Forum, the ITAT held that the impugned penalty was not leviable and dismissed the Revenue's appeal.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4830 
Join Channel 
